The largest drop in production last year was from Venezuela, which produced 4.2 million tons of crude steel, compared to 5 million tons in 2007, a difference of 15.4 percent.
Meanwhile, Brazil registered the largest year-over-year increase of production, from 33.8 million tons in 2007 to 34.4 million tons in 2008, representing an increase of 1.5 percent. Mexico, Argentina and Peru also increased production from 2007. Mexico increased their production from 17.6 million tons in 2007 to 17.8 million tons in 2008; Argentina produced 5.7 million tons, compared to 5.4 million tons in 2007; and Peru improved output from 900,000 tons in 2007 to 1.1 million tons in 2008.
Meanwhile, primary iron production in Latin America declined by an estimated 1.4 percent, from 62.6 million tons to 61.7 million tons in 2008.
Venezuela again registered the largest decline, with 7.8 million tons of iron produced in 2007 to 7.2 million tons in 2008. Brazil's iron output also dropped in 2008, from 35.9 million tons to 35.7 million tons.
Mexico and Argentina's output rose from 10.3 million tons to 10.7 million tons, and 4.4 million tons to 4.5 million tons respectively.
Latin American hot rolled production dropped by about 1.6 percent, from 55.4 million tons in 2007 to 54.6 million tons in 2008.